Nova Minerals Shares Are Up Today: What's Going On?

Zinger Key Points

Nova Minerals' shares rose after selling its Snow Lake Resources stake for $6.73 million, with proceeds allocated to debt repayment.
The company is focusing on advancing its Estelle Gold and Critical Minerals Project, particularly for gold and antimony exploration.
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Nova Minerals Limited NVA shares are trading higher Thursday after the company com pleted the sale of its 6.6 million shares in Snow Lake Resources Ltd., generating $6.73 million in gross proceeds.

The company allocated $4 million of the proceeds to partially repay its Nebari loan, reducing the outstanding balance to $1.42 million. The remaining funds will be used to support exploration and development at Nova's Estelle Gold and Critical Minerals Project in Alaska.

The Estelle project focuses on gold and antimony, with the latter being classified as a critical mineral due to its industrial and defense applications. The additional funding will allow the company to progress its exploration and development activities, particularly at the RPM site and other antimony prospects.

Nova also reported raising $0.79 million through the exercise of 109,237 warrants over recent months, further bolstering its financial position.

NVA Price Action: Nova Minerals shares were up 9.40% at $15.13 at the time of writing, according to Benzinga pro.